Trump’s Crypto Czar David Sacks Says US Missed $17B by Selling Bitcoin Too Early

Highlights:

• David Sacks criticizes past U.S. administrations for selling seized Bitcoin, costing taxpayers billions.
• The U.S. government sold 195,000 BTC for $366 million, now worth over $17 billion.
• Trump signed an executive order to create a strategic Bitcoin reserve to halt BTC asset sales.

Trump’s AI and Crypto Czar, David Sacks, criticized past U.S. administrations for selling seized Bitcoin (BTC). In a March 6 X post, he revealed the U.S. government earned $366 million from these sales in the past decade. Sacks argued that if the government had held onto the BTC, its value could now exceed $17 billion as BTC eyes $90K. He stressed that the lack of a long-term strategy led to a major loss for taxpayers.

Sacks said:

“Over the past decade, the federal government sold approximately 195,000 bitcoin for proceeds of $366 million. If the government had held the bitcoin, it would be worth over $17 billion today. That’s how much it has cost American taxpayers not to have a long-term strategy.” 

U.S. Government BTC Sales and Criticism Over Mismanagement

Law enforcement seized the BTC tokens liquidated by the government over the past decade, including Bitcoin, from the infamous Silk Road dark web portal. Sacks cited a source revealing that the U.S. government’s first sale was in June 2014, when it sold 29,657 BTC at $632 per coin. Today, 11 years later, those coins would be worth over $2.7 billion.

The U.S. government’s largest recent Bitcoin sales include 50,000 BTC sold in December 2014 and March 2015 for just $32.5 million. Today, those tokens would be valued at around $9.1 billion. The report states that the government’s latest sale occurred in March 2023. It sold 9,861 BTC for $215 million, or $21,800 per token.

Over the past decade, the federal government sold approximately 195,000 bitcoin for proceeds of $366 million. If the government had held the bitcoin, it would be worth over $17 billion today. That’s how much it has cost American taxpayers not to have a long-term strategy.

— David Sacks (@davidsacks47) March 6, 2025

Despite these substantial sales, the U.S. government still holds 198,109 BTC, valued at over $17.72 billion. It also possesses Ethereum tokens worth $124 million. Other assets include BNB, USDC, DAI, USDT, and TRX, all valued in the multi-millions.

Crypto supporter Jane Adams also criticized the U.S. government’s handling of seized Bitcoin assets in a post on X. “This isn’t just mismanagement. It’s theft from American taxpayers. Imagine what could’ve been done with that wealth if only they had a clue about long-term strategy,” she said.

David Sacks faced scrutiny following President Trump’s announcement of a U.S. Crypto Strategic Reserve on March 2. In response to concerns about potential conflicts of interest, Sacks clarified on X. He stated that he had divested all his cryptocurrency holdings, including BTC, ETH, and SOL, before joining the administration.

Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration. https://t.co/dN6nuGQUtu

— David Sacks (@DavidSacks) March 3, 2025

Trump Signs Executive Order to Establish Strategic Bitcoin Reserve and Halt BTC Asset Sales

On March 6, Trump signed an executive order to create a Strategic Bitcoin Reserve, banning the sale of seized BTC assets. The U.S. will fund the reserve with Bitcoin it seized. Department of Treasury. Other agencies will review their authority to contribute additional Bitcoin holdings. “The United States will not sell bitcoin deposited into this Strategic Bitcoin Reserve, which will be maintained as a store of reserve assets,” the statement read.